Egypt to set up new area for crude oil storage south of Cairo - petroleum ministry

Egypt plans to set up new area for crude oil storage in El- Tebbin, south of Cairo, the petroleum ministry said in a statement on Sunday. The project, with an estimated cost of 1.8 billion Egyptian pounds ($96.21 million), aims to receive crude from Ain Sokhna terminal on the red sea and pump it to Upper Egypt.

($1 = 18.7100 Egyptian pounds)